NC H874

Reduces the minimum acreage requirement for agricultural land to qualify for special property tax classification from 10 acres to 5 acres.

Maintains the income requirement of at least $1,000 average gross income annually over the three years preceding the tax year claim.

Applies the 5-acre minimum to all agricultural land types, including aquatic species farms which must also meet the 20,000 pounds annual production threshold.

Effective for tax years beginning on or after July 1, 2013.